From left Chanda Kochhar is the managing director of ICICI Bank ,Wipro: Chairman Azim Premji , TVS Chairman and Managing Director Venu Srinivasan and Kumar Mangalam Birla, Aditya Birla Gruop Chairman during the German Chancellor Angela Merkel addressing the conference on Digitizing Tomorrow Together.Wipro said that it has signed an agreement with Landesbank Baden-Wuerttemberg to buy cellent AG for 73.5 Million euros ($78 million), as the Bangalore-based IT services company looks to speed growth in continental Europe.

cellent has been offering services to its customers in Germany, Austria and Switzerland for the past 14 years and has a team of more than 800 consultants, Wipro said in a statement.

The German firm reported about $92 million in revenue in calendar year 2014. The company’s website lists 46 customers including lens maker Carl Zeiss, pharmaceutical company Boehringer Inghelheim, software company SAP, carmaker Daimler and industrial giant Seimens.

”Cultural synergies and locational proximity are key to building successful customer relationships. cellent is a well-established player with marquee customers, a well-known brand and has strong local talent. cellent will significantly boost our footprint in the DACH region, especially in the Manufacturing and Automotive domains,” NS Bala, Chief Executive - Manufacturing and Hi-Tech, Wipro Limited, said.

In the quarter ended September 30, Europe contributed about a quarter of Wipro’s IT services revenue of $1.8 billion.

In a presentation highlighting the rationale for the deal, Wipro said the acquisition would provide it accelerated access to Germany, Austria and Switzerland and help the company build its local presence.

Indian IT firms have been scouting for deals in continental Europe for the last two years to boost their presence on-the-ground in the region. Germany has been an M&A hunting ground for Indian IT firms. The cellent acquisition is expected to be closed in the quarter ended March 31, 2016.